Hiring and staff retention top issues for life science firms

Attracting and retaining talent, as well as reform of the personal tax system, are the biggest challenges facing Ireland’s life sciences sector, according to new research from global executive search firm Accreate.

Of the 350 leaders of life science businesses in Ireland that took part in the survey, 84pc said that attracting and retaining talent were the ‘most challenging’ or ‘challenging’ issue affecting their businesses, while just over one in two identified Ireland’s personal income tax regime and regulatory environment as the next ‘most challenging’ or ‘challenging’ issues facing the sector.

In the area of Ireland’s personal tax regime, nine in 10 respondents believe Ireland is a less favourable location than our EU counterparts, however, unsurprisingly 98pc said that they saw Ireland as having a favourable corporate tax regime when compared to other EU countries.

Just over 80pc of those surveyed identified personal taxation reform as being ‘most important’ or ‘important’ measure that would enhance their ability to attract and retain talent, boosting economic growth, the research found.
“Overall, the sentiment for the businesses currently situated in Ireland is strong, 79pc of respondents see Ireland as being of significant importance to the future of their businesses, which is a considerable endorsement of the value which Ireland brings to the many multinational businesses here,” David Phelan, Managing Partner, Accreate, said.

Ireland’s life sciences industry employs over 50,000 people across all regions. It is home to eight of the world’s ten largest medical device companies, all of whom contribute to the sector’s €45bn worth of exports each year.